Extreme Moves for Federal
Adding bitcoin to the balance sheet of an entity such as the Federal Reserve may not only seem unlikely but even extreme to some. However, let’s not forget that mortgage-backed securities were not added to the Fed’s
balance sheet until the 2008 Global Financial Crisis, a move that was intended to be temporary in order to stimulate the economy.
Senator Lummis did a stellar job of discussing how bitcoin can not only co-exist along with the U.S. dollar but improve the landscape of financial inclusion, particularly among the impoverished — despite the fact that Bitcoin has come under fire by the public officials, particularly from
Senator Elizabeth Warren.
Lummis followed up with elaboration on the progress of coming legislation for Bitcoin, which she referred to as “comprehensive,” as well as by discussing the machinations of the deliberation and commenting phases between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) with regards to said legislative submissions, shedding some light on why political dealings can require significant amounts of time and require patience by the wider market.